Goldflam of Highcap secures sale of 72, 74, & 104 Forsyth Street for $24.4 million

December 22, 2015 - Front Section
72, 74, & 104 Forsyth Street - New York, NY 72, 74, & 104 Forsyth Street - New York, NY
Manhattan, NY Josh Goldflam, managing principal of Manhattan-based investment sales firm Highcap Group arranged the sale of 72, 74, & 104 Forsyth St., which sold for $24.4 million. This is the second time in 3 years that Goldflam has sold the 3 building package. He represented Marolda Properties in 2012 for the purchase of $9.8 million, and also represented the 30-year former long term ownership. Goldflam represented the seller,
Joshua Goldflam, <a class=Highcap Group" width="150" height="150" /> Joshua Goldflam, Highcap Group
Marolda Properties and the buyer, a group of investors going under the entity BP Forsyth LLC. The package of three buildings consists of 56 apartments and six retail stores. The sales price equates to 16 times the rent roll, a 4.8% capitalization rate, and $359,000 per unit and $773 per s/f. The three properties are all situated on the Lower East Side on Forsyth St. between the Broome St. and Hester St. all face Forsyth Park. 72-74 Forsyth St. are two adjacent 25 foot wide walk-up mixed-use buildings that are 5 and 6 stories respectively, and contain 21,659 square feet with 36 apartments and 4 stores. 104 Forsyth Street is one block away and is a 25 foot wide 5 story mixed use building containing 9,875 square feet with 20 apartment and 2 stores. All buildings consist of a mix of free market and rent stabilized apartments with an average rent of $1,859 per month per unit. There also over 8,400 square feet of unused air rights between the 3 properties which may be used for future development. Goldflam also noted: “The buyers picked up a great package with tons of future upside potential both financially and within the neighborhood. Directly 3 blocks north, Ian Schrager is building a well-publicized condo-hotel in additional to the other nearby new construction projects that all will have a positive impact on the values in the neighborhood. The buyers also have the ability to upgrade the buildings to a higher luxury standard and really push up the rents that they are already collecting for the current free market units under current conditions.” For more information please contact
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